27 Jul '14, 12pm

Gold for bitcoin new fad as e-currency count nears 500-mark

Gold for bitcoin new fad as e-currency count nears 500-mark

In a fresh possible headache for regulators, including in India, 'gold for bitcoin' trades are emerging as a new fad in the world of anonymous transactions, fuelling further the appetite for virtual currencies. This comes at a time when the count of virtual currencies available in the market is fast moving closer to the 500-mark, although the price of top-ranked bitcoin has begun showing signs of stability at around $500-600 level after remaining highly volatile for most part of its half a decade existence. According to bitcoin traders, the stabilisation in bitcoin rates is making the case stronger for exchanging them for gold that currently trades at less than $1,300 per ounce or about Rs 28,000 per 10 grams in India. Bitcoins, which command about $8 billion in market value, have stumbled from one controversy to another as the unregulated currency is prone to misuse and i...

Full article: http://profit.ndtv.com/news/industries/article-gold-for-b...

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